Monday, 9 January 2017

Section-47. Transfer of input tax credit

                     Section-47.                                       Transfer of input tax credit


On utilization of input tax credit availed under the CGST Act for payment of tax dues
under the IGST Act as per sub-section (...). of section
44, the amount collected as CGST shall stand reduced by an amount equal to the credit
so utilized and the Central Government shall transfer an amount equal to the amount so
reduced from the CGST account to the IGST account in the manner and time as may be
prescribed.
                                                                                                          CGST Act

On utilization of input tax credit availed under the SGST Act for payment of tax dues
under the IGST Act as per sub-section (...) of section
44, the amount collected as SGST shall stand reduced by an amount equal to the credit
so utilized and shall be apportioned to the Central Government and the State
Government shall transfer an amount equal to the amount so apportioned to the IGST
account in the manner and time as may be prescribed.

                                                                                                          SGST Act

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